I think this is a judgment call in the U.S.
Originally, we had a pilot program for mandatory filings for critical technology, and it was based on export control but on sectors. CFIUS was seeing a significant number of lower-risk transactions from countries that wouldn't cause concern, so there was a decision to focus it on when an authorization would be required for a specific country, to align it more with risk.
CFIUS's view has been that it would rather see fewer mandatory transactions and have broader voluntary jurisdiction. It will devote more resources to those higher-risk transactions and let the majority of transactions flow without filing. We also, at CFIUS, when I was there, set up an office whose function was to look at non-notified transactions to bring in transactions. Perhaps here CFIUS came down a bit more on the open investment side than some other jurisdictions did.
Going back to an earlier point, I'll also say that, with the mandatory filing, we tried to carefully scope that because 30 or 45 days can be quite difficult timing for private equity or venture capital funds. For normal M&A, that may just be part of a longer process with competition filings. We heard a number of concerns from PE funds and VC funds about moving at the speed of business, as well.